R&SA homes rise
In an attempt to recover underwriting losses, insurers are set to raise the cost of home insurance by four times the rate of inflation.
Royal and SunAlliance (R&SA) has revealed plans to increase home insurance premiums by 10% while Legal and General (L&G) will raise its charges by an average of 7.5%.
Under 30s and residents of flood-prone areas will face the steepest increases with some premiums going up by 40%.
P&C rates to fall
The property and casualty market is turning and rates are forecast to fall continuously for the next year.
US insurance distributor MarketScout found property and casualty rates increased by 18% in May, less than any other increase since November 2001.
Two reports out this week will urge ministers to install sprinkler systems in classrooms to limit the growing scale of fire damage in schools, which looks set to rise above £100m this year.
The London Fire Brigade and the ABI are concerned about the increasing number of daytime fires lit by children. Few buildings have sprinkler systems, although insurers say they account for just 1.8% of the total cost.
Allianz NI on panel
InsurE-com announced this week that Allianz NI has joined its panel of insurers in Northern Ireland, following the integration of its motor product.
AXA has appointed Steve Browne as its new casualty insurance manager within its commercial underwriting unit.
Browne replaces David Williams who has been promoted to head of claims.
Hardy profits leap
Hardy Underwriting Group has revealed it is doubling capacity at its Lloyd's Syndicate 382 to £100m.
Chairman Peter Hardy said: "As you may have seen from the accounts, our profit has more than doubled."